Tags: fixing the economists

The Great Unwinding: Some Thoughts on the Incoherence of Mainstream Economics

December 14th, 2017
in history, macroeconomics

A recent post by Lord Keynes inspired me to write up some very general thoughts on the state of mainstream economics. Today, I believe, mainstream economics is completely incoherent. What do I mean by that? Well, basically if you are in the mainstream you can pretty much believe in whatever you want these days. more »

Against Marginalist Pricing Theory: US Consumer Prices and Capacity Utilisation

December 9th, 2017
in macroeconomics

Marginalist economic theory tells us that when there is unemployment of capital resources prices should fall. Some marginalists like the New Keynesians and the neo-Keynesians will supplement this by saying that prices can tend to be ‘sticky’. more »

Beware the Scholastics! Some Thoughts on the Curriculum Reform Movement

December 2nd, 2017
in macroeconomics

With the Rethinking Economics student movement in full swing the topic of curriculum reform is once again on the table. For those of you who read this blog and are uncomfortable with this: sorry, you’ve already lost that debate, you just haven’t realised it yet. The question is now which direction this curriculum reform will take. more »

Interest Rates and ‘Reserve Constraints’: Why Endogenous Money Works Without Central Bank Intervention

November 25th, 2017
in macroeconomics

Endogenous money advocates often think that a central bank is required in order to offset increases in government borrowing. The story goes: the central bank targets the overnight interest rate by buying up government securities more »

‘Uncertainty’ in Contemporary DSGE Modelling: Not Even Wrong

November 17th, 2017
in history, macroeconomics

Confusion of thought and feeling leads to confusion of speech. — John Maynard Keynes more »




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